So how do people feel about 3 way links. They seem like they could have a benefit but I read somewhere they are considered black hat. Does anyone have any feelings one way or another?

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Ki Gray - Austin Realtor

Working in Austin his site covers the Austin Real Estate market. If you are considering investing in Austin be sure to check out his Austin Real Estate Blog or look through some of the Austin Homes currently for sale.

I don't think a 3 way is black hat. From what I understand in reality it gives you a one way link from a website, in return you give a one way to a different website. The benefits would be greater than reciprical links, if the websites being compared were very similar. A drawback would be that it is very hard to confirm if that site is still linking to you after a few months, unless you keep records of all the links you make.